(Rs. in Crores) | ||||||||
Particulars | 3 Months ended 30.09.2020 | Corresponding 3 Months ended 30.09.2019 | Preceding 3 Months ended 30.06.2020 | 6 Months ended 30.09.2020 | 6 Months ended 30.09.2019 | Twelve Months ended 31.03.2020 | ||
---|---|---|---|---|---|---|---|---|
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||
Gross Revenue from sale of products and services | (i) | 11891.91 | 11750.16 | 9435.61 | 21327.52 | 23111.51 | 46323.72 | |
Other operating revenue | (ii) | 84.84 | 121.31 | 66.14 | 150.98 | 262.78 | 483.62 | |
REVENUE FROM OPERATIONS[(i)+(ii)] | 1 | 11976.75 | 11871.47 | 9501.75 | 21478.50 | 23374.29 | 46807.34 | |
OTHER INCOME | 2 | 609.95 | 654.33 | 896.82 | 1506.77 | 1274.50 | 3013.66 | |
TOTAL INCOME (1+2) | 3 | 12586.70 | 12525.80 | 10398.57 | 22985.27 | 24648.79 | 49821.00 | |
EXPENSES | ||||||||
a) | Cost of materials consumed | 3467.25 | 3408.42 | 3048.44 | 6515.69 | 6506.71 | 13121.76 | |
b) | Purchases of stock-in-trade | 1149.93 | 742.32 | 1676.61 | 2826.54 | 2558.55 | 4289.71 | |
c) | Changes in inventories of finished goods, stock-in-trade, work-in-progress and intermediates | 119.77 | 330.98 | (778.13) | (658.36) | (443.68) | (176.34) | |
d) | Excise duty | 793.67 | 212.14 | 590.43 | 1384.10 | 402.51 | 1187.64 | |
e) | Employee benefits expense | 661.03 | 632.26 | 696.92 | 1357.95 | 1322.57 | 2658.21 | |
f) | Finance costs | 13.76 | 13.33 | 16.79 | 30.55 | 28.55 | 55.72 | |
g) | Depreciation and amortization expense | 382.50 | 395.67 | 398.18 | 780.68 | 754.56 | 1563.27 | |
h) | Other expenses | 1724.47 | 1982.98 | 1620.90 | 3345.37 | 3899.58 | 7822.11 | |
TOTAL EXPENSES | 4 | 8312.38 | 7718.10 | 7270.14 | 15582.52 | 15029.35 | 30522.08 | |
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) | 5 | 4274.32 | 4807.70 | 3128.43 | 7402.75 | 9619.44 | 19298.92 | |
EXCEPTIONAL ITEMS | 6 | - | - | - | - | - | (132.11) | |
PROFIT BEFORE TAX (5+6) | 7 | 4274.32 | 4807.70 | 3128.43 | 7402.75 | 9619.44 | 19166.81 | |
TAX EXPENSE | 8 | 1041.92 | 784.60 | 785.67 | 1827.59 | 2422.40 | 4030.76 | |
a) | Current Tax | 987.64 | 950.76 | 767.95 | 1755.59 | 2514.14 | 4441.97 | |
b) | Deferred Tax | 54.28 | (166.16) | 17.72 | 72.00 | (91.74) | (411.21) | |
PROFIT FOR THE PERIOD (7-8) | 9 | 3232.40 | 4023.10 | 2342.76 | 5575.16 | 7197.04 | 15136.05 | |
OTHER COMPREHENSIVE INCOME | 10 | 161.62 | (43.37) | (5.73) | 155.89 | (256.38) | (1381.81) | |
A (i) | Items that will not be reclassified to profit or loss | 143.51 | (34.91) | (17.83) | 125.68 | (253.48) | (1365.32) | |
(ii) | Income tax relating to items that will not be reclassified to profit or loss | (0.33) | 2.27 | 0.97 | 0.64 | 4.50 | 9.62 | |
B (i) | Items that will be reclassified to profit or loss | 24.64 | (15.46) | 14.87 | 39.51 | (10.34) | (36.24) | |
(ii) | Income tax relating to items that will be reclassified to profit or loss | (6.20) | 4.73 | (3.74) | (9.94) | 2.94 | 10.13 | |
TOTAL COMPREHENSIVE INCOME (9+10) | 11 | 3394.02 | 3979.73 | 2337.03 | 5731.05 | 6940.66 | 13754.24 | |
PAID UP EQUITY SHARE CAPITAL | 12 | 1230.50 | 1228.65 | 1229.22 | 1230.50 | 1228.65 | 1229.22 | |
(Ordinary Shares of Re. 1/- each) | ||||||||
RESERVES EXCLUDING REVALUATION RESERVES | 13 | 62799.94 | ||||||
EARNINGS PER SHARE (of Re. 1/- each) (not annualised): | 14 | |||||||
(a) | Basic (Rs.) | 2.62 | 3.28 | 1.91 | 4.53 | 5.87 | 12.33 | |
(b) | Diluted (Rs.) | 2.62 | 3.27 | 1.91 | 4.53 | 5.84 | 12.31 |
Notes :
1 | The Unaudited Standalone Financial Results, Segment Results, Balance Sheet and Cash Flow Statement were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 6th November, 2020. | |||||||||
2 | The continuing significant brand building costs covering a range of personal care and branded packaged food products are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'. | |||||||||
3 | During the quarter ended 30th September, 2020, 1,28,05,310 Ordinary Shares of Re. 1/- each were issued and allotted under the Company’s Employee Stock Option Schemes. Consequently, the issued and paid-up Share Capital of the Company as on 30th September, 2020 stands increased to Rs. 1230,50,36,551/-. | |||||||||
4 | The Company, on 27th July, 2020, acquired 100% of the equity share capital of Sunrise Foods Private Limited (Sunrise). Consequently, Sunrise and its two wholly owned subsidiaries viz., Hobbits International Foods Private Limited and Sunrise Sheetgrah Private Limited, became wholly owned subsidiaries of the Company with effect from the aforesaid date. Further, the Board of Directors of the Company at the meeting held on 4th September, 2020 approved the amalgamation of Sunrise and its subsidiaries with the Company and the related Schemes of amalgamation. The Schemes, which are subject to approvals as necessary, will take effect from 27th July, 2020, being the appointed date; hence, the Schemes have not been given effect to in these results. | |||||||||
5 | The Company, on 29th July, 2020, subscribed to the initial share capital of ITC IndiVision Limited (IIVL) of Rs. 1 crore, consequent to which IIVL became a wholly owned subsidiary of the Company. | |||||||||
6 | The Company on 17th September, 2020 acquired, in the second tranche, 1964 Compulsorily Convertible Preference Shares of Rs. 10/- each of Delectable Technologies Private Limited (Delectable), consequent to which the Company’s shareholding in Delectable aggregated 20.06% of its share capital on a fully diluted basis. | |||||||||
7 | The Company has considered the possible effects that may arise out of the still unfolding COVID-19 pandemic on the carrying amounts of property, plant & equipment, intangible assets, investments, inventories, trade receivables, etc. For this purpose, the Company has considered internal and external sources of information up to the date of approval of the Standalone Financial Results including credit reports and related information, economic forecasts, market value of certain investments etc. Based on the current estimates, the Company does not expect any significant impact on such carrying values. The impact of COVID-19 on the Company's financial statements may differ from that estimated as at the date of approval of Standalone Financial Results. | |||||||||
8 | This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. | |||||||||
Limited Review | ||||||||||
The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter and Six Months ended 30th September, 2020 which needs to be explained. |
ITC LIMITED
Unaudited Segment-wise Revenue, Results, Assets and Liabilities
for the Quarter and six months ended 30th September, 2020
(Rs. in Crores) | |||||||||
STANDALONE | |||||||||
---|---|---|---|---|---|---|---|---|---|
Particulars | 3 Months ended 30.09.2020 | Corresponding 3 Months ended 30.09.2019 | Preceding 3 Months ended 30.06.2020 | 6 Months ended 30.09.2020 | 6 Months ended 30.09.2019 | Twelve Months ended 31.03.2020 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||
1. | Segment Revenue | ||||||||
a) | FMCG | - Cigarettes | 5121.30 | 5326.83 | 3853.79 | 8975.09 | 10760.23 | 21201.74 | |
- Others | 3794.95 | 3288.31 | 3374.57 | 7169.52 | 6348.36 | 12844.23 | |||
Total FMCG | 8916.25 | 8615.14 | 7228.36 | 16144.61 | 17108.59 | 34045.97 | |||
b) | Hotels | 81.96 | 426.63 | 22.58 | 104.54 | 819.22 | 1837.28 | ||
c) | Agri Business | 2985.26 | 2647.52 | 3746.30 | 6731.56 | 6258.75 | 10240.72 | ||
d) | Paperboards, Paper & Packaging | 1458.67 | 1565.42 | 1026.44 | 2485.11 | 3092.95 | 6107.18 | ||
Total | 13442.14 | 13254.71 | 12023.68 | 25465.82 | 27279.51 | 52231.15 | |||
Less : Inter-segment revenue | 1550.23 | 1504.55 | 2588.07 | 4138.30 | 4168.00 | 5907.43 | |||
Gross Revenue from sale of products and services | 11891.91 | 11750.16 | 9435.61 | 21327.52 | 23111.51 | 46323.72 | |||
2. | Segment Results | ||||||||
a) | FMCG | - Cigarettes | 3244.78 | 3844.45 | 2356.38 | 5601.16 | 7693.58 | 14852.55 | |
- Others [Note (i)] | 252.68 | 90.46 | 125.41 | 378.09 | 168.48 | 423.05 | |||
Total FMCG | 3497.46 | 3934.91 | 2481.79 | 5979.25 | 7862.06 | 15275.60 | |||
b) | Hotels | (184.90) | 17.43 | (242.58) | (427.48) | 27.82 | 157.75 | ||
c) | Agri Business | 256.06 | 249.42 | 178.73 | 434.79 | 452.37 | 788.92 | ||
d) | Paperboards, Paper & Packaging | 330.28 | 355.91 | 160.12 | 490.40 | 685.67 | 1305.33 | ||
Total | 3898.90 | 4557.67 | 2578.06 | 6476.96 | 9027.92 | 17527.60 | |||
Less : | i) | Finance Costs | 13.76 | 13.33 | 16.79 | 30.55 | 28.55 | 55.72 | |
ii) | Other un-allocable (income) net of un-allocable expenditure [Note (ii)] |
(389.18) | (263.36) | (567.16) | (956.34) | (620.07) | (1827.04) | ||
iii) | Exceptional Items | - | - | - | - | - | 132.11 | ||
Profit Before Tax | 4274.32 | 4807.70 | 3128.43 | 7402.75 | 9619.44 | 19166.81 | |||
3. | Segment Assets | ||||||||
a) | FMCG | - Cigarettes | 7293.64 | 8405.01 | 6736.71 | 7293.64 | 8405.01 | 6903.91 | |
- Others | 10320.67 | 9568.16 | 10209.59 | 10320.67 | 9568.16 | 8694.53 | |||
Total FMCG | 17614.31 | 17973.17 | 16946.30 | 17614.31 | 17973.17 | 15598.44 | |||
b) | Hotels | 6537.10 | 6510.03 | 6577.62 | 6537.10 | 6510.03 | 6646.08 | ||
c) | Agri Business | 3656.28 | 3873.39 | 4304.84 | 3656.28 | 3873.39 | 4030.59 | ||
d) | Paperboards, Paper & Packaging | 7259.93 | 6925.76 | 7073.03 | 7259.93 | 6925.76 | 6823.85 | ||
Total | 35067.62 | 35282.35 | 34901.79 | 35067.62 | 35282.35 | 33098.96 | |||
Unallocated Corporate Assets | 35627.08 | 33947.44 | 44298.77 | 35627.08 | 33947.44 | 42136.40 | |||
Total Assets | 70694.70 | 69229.79 | 79200.56 | 70694.70 | 69229.79 | 75235.36 | |||
4. | Segment Liabilities | ||||||||
a) | FMCG | - Cigarettes | 4172.61 | 4650.75 | 4701.65 | 4172.61 | 4650.75 | 3991.11 | |
- Others | 2464.18 | 2238.88 | 2559.08 | 2464.18 | 2238.88 | 2133.61 | |||
Total FMCG | 6636.79 | 6889.63 | 7260.73 | 6636.79 | 6889.63 | 6124.72 | |||
b) | Hotels | 772.35 | 911.55 | 812.57 | 772.35 | 911.55 | 858.06 | ||
c) | Agri Business | 980.07 | 816.96 | 1175.76 | 980.07 | 816.96 | 1098.29 | ||
d) | Paperboards, Paper & Packaging | 968.49 | 844.94 | 930.03 | 968.49 | 844.94 | 764.73 | ||
Total | 9357.70 | 9463.08 | 10179.09 | 9357.70 | 9463.08 | 8845.80 | |||
Unallocated Corporate Liabilities | 3815.88 | 2711.01 | 2619.93 | 3815.88 | 2711.01 | 2360.40 | |||
Total Liabilities | 13173.58 | 12174.09 | 12799.02 | 13173.58 | 12174.09 | 11206.20 |
Note (i): In respect of FMCG-Others segment, earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter and six months ended 30.09.2020 is Rs. 366.40 Crores and Rs. 623.74 Crores respectively (quarter ended 30.09.2019 - Rs. 221.02 Crores; quarter ended 30.06.2020 - Rs. 257.34 Crores; six months ended 30.09.2019 - Rs. 401.71 Crores and twelve months ended 31.03.2020 - Rs. 914.00 Crores). | |||||||||
Note (ii): As stock options and stock appreciation linked reward units are granted under the ITC Employee Stock Option Schemes (ITC ESOS) and ITC Employee Cash Settled Stock Appreciation Linked Reward Plan (ITC ESARP), respectively, to align the interests of employees with those of shareholders and also to attract and retain talent for the enterprise as a whole, the charge thereof do not form part of the segment performance reviewed by the Corporate Management Committee. |
ITC Limited | ||||
---|---|---|---|---|
(Rs. in Crores) | ||||
Balance Sheet | STANDALONE | |||
Particulars | As at current half year end 30.09.2020 | As at previous year end 31.03.2020 | ||
(Unaudited) | (Audited) | |||
A | ASSETS | |||
1 | Non-current assets | |||
(a) | Property, Plant and Equipment | 18532.30 | 18932.57 | |
(b) | Capital work-in-progress | 2930.85 | 2776.31 | |
(c) | Investment Property | 382.00 | 385.36 | |
(d) | Intangible assets | 512.42 | 519.45 | |
(e) | Intangible assets under development | 3.91 | 3.89 | |
(f) | Right of Use Assets | 669.57 | 680.17 | |
(g) | Financial Assets | |||
(i) Investments | 14448.11 | 13455.59 | ||
(ii) Loans | 2.77 | 3.31 | ||
(iii) Others | 76.34 | 607.09 | ||
(h) | Other non-current assets | 1482.50 | 1364.71 | |
Non-current assets | 39040.77 | 38728.45 | ||
2 | Current assets | |||
(a) | Inventories | 9926.41 | 8038.07 | |
(b) | Financial Assets | |||
(i) Investments | 13904.58 | 17175.02 | ||
(ii) Trade receivables | 1919.31 | 2092.00 | ||
(iii) Cash and cash equivalents | 241.91 | 561.84 | ||
(iv) Other Bank Balances | 2699.31 | 6281.43 | ||
(v) Loans | 3.57 | 4.87 | ||
(vi) Others | 1758.28 | 1505.94 | ||
(c) | Other current assets | 1200.56 | 847.74 | |
Current assets | 31653.93 | 36506.91 | ||
Total Assets | 70694.70 | 75235.36 | ||
B | EQUITY AND LIABILITIES | |||
Equity | ||||
(a) | Equity Share capital | 1230.50 | 1229.22 | |
(b) | Other Equity | 56290.62 | 62799.94 | |
Equity | 57521.12 | 64029.16 | ||
LIABILITIES | ||||
1 | Non-current liabilities | |||
(a) | Financial Liabilities | |||
(i) Borrowings | 5.63 | 5.63 | ||
(ii) Lease liabilities | 274.94 | 259.25 | ||
(iii) Other financial liabilities | 166.40 | 90.47 | ||
(b) | Provisions | 151.78 | 143.79 | |
(c) | Deferred tax liabilities (Net) | 1699.30 | 1617.65 | |
Non-current liabilities | 2298.05 | 2116.79 | ||
2 | Current liabilities | |||
(a) | Financial Liabilities | |||
(i) Borrowings | 10.00 | - | ||
(ii) Trade payables | ||||
Total outstanding dues of micro enterprises and small enterprises | 59.26 | 34.67 | ||
Total outstanding dues of creditors other than micro enterprises and small enterprises | 3989.49 | 3412.07 | ||
(iii) Lease liabilities | 46.38 | 64.87 | ||
(iv) Other financial liabilities | 1115.91 | 1147.24 | ||
(b) | Other current liabilities | 5124.40 | 4175.91 | |
(c) | Provisions | 143.06 | 117.94 | |
(d) | Current Tax Liabilities (Net) | 387.03 | 136.71 | |
Current liabilities | 10875.53 | 9089.41 | ||
Total Equity and Liabilities | 70694.70 | 75235.36 |
ITC Limited | ||||||
---|---|---|---|---|---|---|
Standalone Cash Flow Statement for the half year ended 30th September, 2020 | ||||||
(Rs. in Crores) | ||||||
For the half year ended 30th September, 2020 | For the half year ended 30th September, 2019 | |||||
A. | Cash Flow from Operating Activities | |||||
PROFIT BEFORE TAX | 7402.75 | 9619.44 | ||||
ADJUSTMENTS FOR : | ||||||
Depreciation and amortization expense | 780.68 | 754.56 | ||||
Share based payments to employees | 13.74 | 60.53 | ||||
Finance costs | 30.55 | 28.55 | ||||
Interest Income | (641.16) | (725.65) | ||||
Dividend Income | (60.78) | (69.26) | ||||
Loss on sale of property, plant and equipment - Net | 36.68 | 30.58 | ||||
Doubtful and bad debts | 14.61 | 7.72 | ||||
Doubtful and bad advances, loans and deposits | 32.58 | (0.67) | ||||
Net (gain) / loss arising on investments mandatorily measured at fair value through profit or loss | (732.36) | (446.20) | ||||
Foreign currency translations and transactions - Net | (2.42) | (527.88) | (3.32) | (363.16) | ||
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES | 6874.87 | 9256.28 | ||||
ADJUSTMENTS FOR : | ||||||
Trade receivables, advances and other assets | (215.94) | 1.62 | ||||
Inventories | (1888.34) | (1353.68) | ||||
Trade payables, other liabilities and provisions | 627.89 | (1476.39) | (71.01) | (1423.07) | ||
CASH GENERATED FROM OPERATIONS | 5398.48 | 7833.21 | ||||
Income tax paid | (1505.26) | (2514.34) | ||||
NET CASH FROM OPERATING ACTIVITIES | 3893.22 | 5318.87 | ||||
B. | Cash Flow from Investing Activities | |||||
Purchase of property, plant and equipment, Intangibles etc. | (795.59) | (1125.54) | ||||
Sale of property, plant and equipment | 3.23 | 20.39 | ||||
Purchase of current investments | (28697.74) | (39988.20) | ||||
Sale/redemption of current investments | 32868.84 | 39625.31 | ||||
Investment in subsidiaries | (2341.83) | (104.93) | ||||
Investment in associate | (1.87) | - | ||||
Purchase of non-current investments | (0.45) | (774.11) | ||||
Redemption proceeds of non-current investments | 1480.10 | 1767.63 | ||||
Dividend Income | 0.56 | 9.04 | ||||
Interest received | 708.83 | 744.73 | ||||
Investment in bank deposits (original maturity more than 3 months) | (2650.53) | (883.48) | ||||
Redemption / maturity of bank deposits (original maturity more than 3 months) | 6258.37 | 3185.60 | ||||
Investment in deposit with housing finance companies | (39.22) | (548.49) | ||||
Redemption / maturity of deposit with housing finance companies | 300.00 | 699.15 | ||||
Loans given | (0.67) | (0.93) | ||||
Loans realised | 2.51 | 3.19 | ||||
NET CASH FROM INVESTING ACTIVITIES | 7094.54 | 2629.36 | ||||
C. | Cash Flow from Financing Activities | |||||
Proceeds from issue of share capital | 214.58 | 517.95 | ||||
Proceeds from current borrowings | 10.00 | - | ||||
Payment of lease liabilities | (24.50) | (20.54) | ||||
Interest paid | (25.99) | (24.33) | ||||
Net increase in statutory restricted accounts balances | 25.72 | 3.19 | ||||
Dividend paid | (11521.01) | (7048.71) | ||||
Dividend distribution tax (paid) / refund received | 13.99 | (1373.52) | ||||
NET CASH USED IN FINANCING ACTIVITIES | (11307.21) | (7945.96) | ||||
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | (319.45) | 2.27 | ||||
OPENING CASH AND CASH EQUIVALENTS | 561.35 | 162.75 | ||||
CLOSING CASH AND CASH EQUIVALENTS | 241.90 | 165.02 | ||||
Note: | ||||||
CASH AND CASH EQUIVALENTS : | ||||||
Cash and Cash Equivalents as above | 241.90 | 165.02 | ||||
Unrealised gain / (loss) on foreign currency cash and cash equivalents | 0.01 | (0.01) | ||||
Cash and Cash Equivalents | 241.91 | 165.01 |
Notes :
(1) | The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them. The Operating Segments have been reported in a manner consistent with the internal reporting provided to the Corporate Management Committee, which is the Chief Operating Decision Maker. |
||||||||||||
(2) | The business groups comprise the following : | ||||||||||||
FMCG | : | Cigarettes | - | Cigarettes, Cigars etc. | |||||||||
: | Others | - | Branded Packaged Foods Businesses (Staples & Meals; Snacks; Dairy & Beverages; Biscuits & Cakes; Chocolates, Coffee & Confectionery); Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis; Apparel. | ||||||||||
Hotels | - | Hoteliering. | |||||||||||
Paperboards, Paper & Packaging | - | Paperboards, Paper including Specialty Paper & Packaging including Flexibles. | |||||||||||
Agri Business | - | Agri commodities such as soya, spices, coffee and leaf tobacco. | |||||||||||
(3) | Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded Packaged Foods businesses and Personal Care Products business. | ||||||||||||
(4) | Figures for the corresponding previous periods are re-arranged, wherever necessary, to conform to the figures of the current period. |
Registered Office : |
For and on behalf of the Board
|
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Website: www.itcportal.com | E-mail: enduringvalue@itc.in | Phone: +91-33-2288 9371 | Fax: +91-33-2288 0655 | CIN : L16005WB1910PLC001985 |
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